Alternative Investment Network Fees

Pershing may receive servicing fees from managed futures funds, hedge funds and fund-of-funds (collectively "alternative investments") that participate in Pershing’s Alternative Investment Network no-fee program in lieu of transaction fees and special product fee charges to your firm. These fees are calculated in accordance with an asset-based formula. Pershing also receives set-up fees from alternative investment providers or broker dealers in the form of a one-time fee to add an alternative investment to the Alternative Investment Network. The fee is a flat fee per holding and is remitted to Pershing for its work to set up the alternative investment. Below is a list of firms that paid Pershing asset-based fees in 2013:

Alternative Investment Companies

1. Altegris
2. Dearborn Capital Management, LLC
3. Kenmar Preferred Investment Corp.
4. Steben & Co, Inc.
5. Cole Real Estate Investments
6. Plymouth Opportunity REIT
7. Hatteras Funds
8. Optima Fund Management

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